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Fix Up and Community Fix Up Loan Programs

Fix Up Loans

Loans are provided to qualifying low-and moderate-income homeowners. Participating lending partners: process; underwrite; close and fund each loan using normal, prudent underwriting standards; provide their own funds to borrowers; and, sell the loans to Minnesota Housing. The lenders are paid a processing fee per loan, and are reimbursed for the original principal amount of the loan.

Community Fix Up Loans

This add-on program is for eligible Fix Up lending partners and provides affordable financing to support partnerships that target resources. Lending partners who work with Community Fix Up are able to offer a slightly lower interest rate compared to the regular Fix Up Loan Program. Community Fix Up also has an option for originating loans at a discounted interest rate.

Rehabilitation Loan Program

The Rehabilitation Loan Program (RLP) provides deferred loan financing to eligible low income homeowners who are unable to secure home improvement financing in the private sector.  Funds may be used to improve the existing home’s safety, habitability or energy efficiency. Approved RLP lenders are also eligible to serve as approved ELP lenders.

Emergency and Accessibility Loan Program (ELP)

The Emergency and Accessibility Loan Program (ELP) assists homeowners needing assistance of an emergency nature or to address essential accessibility.  Approved RLP lenders are also eligible to serve as approved ELP lenders.

Disaster Recovery Loans for June 2014 Floods

The program is not currently active. Most recently, Quick Start aided victims of the June 2014 statewide flooding.

The Quick Start Disaster Recovery Program provides assistance as a last resort when private insurance and federal assistance are not adequate to return a damaged home to its pre-disaster condition. The program is activated in the event of a federally declared natural disaster and provides a no-interest loan for home repair that is forgiven if the owner remains in the home for 10 years. Funding for repairs to rental housing properties is also available under similar terms and conditions.